Argentina: Contraction in economic activity sharpens at 2020 outset
The monthly indicator for economic activity (EMAE, Estimador Mensual de Actividad Económica) fell 1.8% year-on-year in January, after logging a 0.2% dip in December.
In terms of productive sectors, January’s more pronounced fall was largely driven by sharper contractions in the construction and the agricultural sectors; a massive downturn in the fishing sector; the manufacturing sector swinging from a timid expansion to contraction; and softer growth in the internal trade sector.
A month-on-month comparison showed that economic activity inched down 0.1% in seasonally-adjusted terms in January, contrasting December’s 0.4% uptick. Meanwhile, the average annual variation in economic activity improved from a 2.2% contraction in December to a 1.9% fall in the first month of this year.